California Code of Regulations
Title 2 - Administration
Division 2 - Financial Operations
Chapter 2 - State Controller
Subchapter 3 - Accounting Procedures for Special Districts
Article 2 - Water Utility Districts
Section 1041.5 - Current and Long-Term Accounts
Universal Citation: 2 CA Code of Regs 1041.5
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
Asset and liability accounts are grouped in current and long-term sections. A current asset is one normally convertible to cash, or a cash equivalent benefit, within twelve months. Other assets are labelled long-term, or a special category of long-term, i.e., deferred charges, etc. Similarly, current liabilities are those which will become due and payable within twelve months.
1. Amendment filed 10-2-69; effective thirtieth day thereafter (Register 69, No. 40).
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